Consolidated Financial Report 30 September 2021
29 November 2021
International Personal Finance plc
Interim Condensed Consolidated Financial Report for the period 1 January to 30 September 2021
Management Board Report
Principal activity
International Personal Finance plc specialises in providing unsecured consumer credit to 1.7 million customers across 11 markets. We operate the world's largest home credit business and a fintech operator, IPF Digital.
Financial and operational highlights
| Ø | Continued strong and improving financial performance | |||||
| o | Group profit before tax for the nine months to 30 September 2021 of £59.8 million driven by strong collections performance (YTD 2020: loss of £41.7 million) | |||||
| o | In the quarter to 30 September 2021, Group profit before tax of £16.5 million (Q3 2020: £16.8 million) | |||||
| Ø | Strong operational performance and well-positioned for further growth | |||||
| o | Rebuild strategy proving highly effective and delivering sustained growth momentum | |||||
| o | Improving consumer demand and selective relaxation of credit settings delivered 35% increase in credit issued year on year | |||||
| o | Building sales momentum delivered 8% increase in closing receivables since the 2020 year end (at CER) | |||||
| o | Strong collections and high-quality lending resulted in very low annualised impairment as a percentage of revenue at 12.0% | |||||
| Ø | Strong funding position and well capitalised balance sheet | |||||
| o | Successful issue of SEK 450 million bond at 7% coupon, maturing October 2024 | |||||
| o | Equity to receivables ratio 53.7% at 30 September 2021 | |||||
| o | Bond and bank facilities total £572 million to support future growth | |||||
| o | Undrawn facilities and non-operational cash balances of £149 million | |||||
| o | Fitch Ratings improved IPF outlook to Stable and reaffirmed long-term credit rating of BB- | |||||
Please refer the associated PDF to view the full announcement.